HomeBitcoin NewsBitcoin Price Analysis: BTC Bulls Aiming Next Key Bullish Break

Bitcoin Price Analysis: BTC Bulls Aiming Next Key Bullish Break

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  • Bitcoin price is currently consolidating above the $9,120 and $9,100 support levels.
  • It is facing a strong resistance near $9,275 and the 55 simple moving average (4-hours).
  • There is a crucial breakout pattern forming with resistance near $9,275 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair must climb above the $9,275 and $9,325 resistance levels for a fresh rally.

Bitcoin price is struggling to clear a few key hurdles near $9,300 against the US Dollar. BTC could either start a strong rally above $9,325 or it might nosedive below $9,100.

Bitcoin Price Analysis

In the past few days, bitcoin price followed a bearish pattern from the $9,470 high against the US Dollar. BTC traded below the $9,400 and $9,325 support levels. It even traded below the $9,200 level and the 55 simple moving average (4-hours).

Recently, there was a spike below the $9,125 support zone and the price traded as low as $9,099. It is currently correcting higher and trading above the $9,180 level.

There was a break above the 23.6% Fib retracement level of the downward move from the $9,470 high to $9,099 low. However, the price is now facing a strong resistance near $9,275 and the 55 simple moving average (4-hours).

There is also a crucial breakout pattern forming with resistance near $9,275 on the 4-hours chart of the BTC/USD pair. The triangle resistance is close to the 50% Fib retracement level of the downward move from the $9,470 high to $9,099 low.

If bitcoin breaks the triangle resistance, it could make an attempt to clear the $9,325 resistance zone. If the bulls succeed in gaining strength, there are chances of a sustained upward move towards the $9,470 and $9,540 levels in the coming sessions.

Conversely, the price could dive again from the $9,275 resistance level. The main support is near the $9,125 level and the triangle lower trend line. A daily close below the triangle support could accelerate losses and the price might dive towards the $8,900 and $8,800 levels.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading near a crucial resistance at $9,275 and $9,300. Therefore, it could either start a strong rally above $9,325 or it might nosedive below $9,100.

Technical indicators

4 hours MACD – The MACD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is currently close to the 50 level.

Key Support Levels – $9,125 and $8,900.

Key Resistance Levels – $9,275, $9,325 and $9,470.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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